The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is on course to record a disappointing decline on Tuesday. At the time of writing the benchmark index is down a sizeable 0.8% to 5,777.2 points.
Four shares that have defied the market and stormed higher today are listed below. Here’s why they are pushing higher:
The Collins Foods Ltd (ASX: CKF) share price is up 5% to $10.51. This is despite there being no news out of the KFC restaurant operator. This latest gain means that the Collins Foods share price is now up over 18% since the start of the year. This has been driven by its strong sales and profit growth during the pandemic.
The ResMed Inc. (ASX: RMD) share price is up 3% to $23.86. This solid gain may have been driven by reports of an acceleration in coronavirus cases in Europe and the United States. Investors may believe that this will cause another spike in demand for the medical device company’s respiratory products in the near term. Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) shares are also trading notably higher today.
The Regional Express Holdings Ltd (ASX: REX) share price has climbed 4.5% to $1.14. This morning the regional airline operator revealed that it is in advanced negotiations with PAG Asia Capital in relation to a $150 million investment. These funds would be used to support the launch of the company’s expanded domestic operations.
The Xero Limited (ASX: XRO) share price has risen 3% to $94.00. Investors have been buying Xero and other tech shares on Tuesday despite the broad market weakness. This follows a reasonably positive night for tech shares on the famous Nasdaq index. The S&P/ASX All Technology Index (ASX: XTX) is up approximately 1% at the time of writing.
James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has recommended Collins Foods Limited and ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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